eBook: Regulations, Reputation, and Revenue

Learn how your organization can enhance the effectiveness of third-party risk management, especially as third-party relationships and regulations become more complex.

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How to manage risk and improve resilience in the supply chain

Download this eBook for tips and best practices on driving effective third-party risk management, including:

  • What worked and what didn’t in real-life third-party risk management programs
  • How to build optionality into the supply chain in order to avoid disruption
  • How to measure effectiveness with Key Performance Indicators and prove the impact and benefits of risk management strategies
  • Roles that Governance, Risk, and Compliance (GRC) play in your risk management.

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Today’s complex regulatory environment, expansive supply chains, and compliance burdens are making the jobs of procurement, IT, and compliance professionals much more difficult. As a result, organizations involve more third parties—suppliers, sales agents, and even charities—which in turn leads to greater risk exposure.

These third-party threats can result in severe impact to your brand and bottom line. In the face of growing risk, many organizations are embracing digital tools to replace manual processes, thus enabling them to minimize risk much more effectively even with a complex network of third-party relationships.

Best-practice companies combine an overall plan for managing third-party risk with operational KPIs to measure efficiency so that they can improve. Efficient processes free up time to work with suppliers and business partners, letting companies become more effective in avoiding risk altogether. Benchmarks allow comparisons between current performance and leaders in third-party risk management.
Effective Third-Party Risk Management eBook

FAQ

What are drawbacks of not having the right risk management processes and technology in place?

Compliance teams will often find themselves bogged down with excessive manual processes using spreadsheets and legacy tools. Moreover, they will have a difficult time keeping pace with the constantly changing risks of third and fourth parties. In addition, constantly changing regulations that are increasing in complexity will overwhelm compliance teams that are not using more advanced risk management tools.

What are 10 best practices described in this report to effectively manage third-party risk?

First, get support from leadership for a centralized risk management program. Second, evaluate every third part with a minimum of due diligence. Third, start with provider sourcing and selection. Fourth, provide buyers and supply chain planners with visibility into supplier risk. Fifth, get full visibility into amplified risk. Sixth, continually monitor third-party behavior. Seventh, include performance in risk criteria. Eighth, digitize third-party risk management processes. Ninth, optimize supply chains with a digital twin. And tenth, conduct periodic in-depth audits. For more detail on these 10 best practices, please download the eBook!

What are three useful Key Performance Metrics for evaluating a risk management program?

The first KPI is the completion rate of digital risk surveys by third parties. In addition, you will want to measure the amount of time it takes for third parties to complete a risk assessment. And a third helpful KPI is to measure the time it takes between a contract being created and executed. For more details, please see the eBook.